Sponsor by cwyeoh

Sponsor by Nuffnang

Tuesday, May 31, 2011

Revenue increased 145.7% and also higher than preceding year corresponding quarter 38.7%, eps increased 313.6% and also higher than preceding year corresponding quarter 45%, got cash generated from operating, latest NAV at RM2.78, still increasing

First Support Price

2.16

Second Support Price

2.05

Risk Rating

MODERATE

Accounting Ratio

Return on Equity

15.66%

Dividend Yield

-

Profit Margin

79.90%

Tax Rate

8.17%

Asset Turnover

0.1308

Net Asset Value Per Share

2.56

Net Tangible Asset per share

2.56

Price/Net Tangible Asset Per Share

0.85

Cash Per Share

0.76

Liquidity Current Ratio

70.3143

Liquidity Quick Ratio

70.3143

Liquidity Cash Ratio

68.2789

Gearing Debt to Equity Ratio

0.0043

Gearing Debt to Asset Ratio

0.0043

Working capital per thousand Ringgit sale

229.3%

Days to sell the inventory

-

Days to collect the receivables

11

Days to pay the payables

2

My notes based on 2011 quarter 3 report (number in '000):-
- For the nine months ended 28 February 2011, the Company recorded a profit before tax of RM9.878 million compared with a profit before tax of RM5.698 million in the corresponding period of last year

- As the company is a closed-end fund, a better indication of its performance would be the movement of its NAV. The NAV per share as at 28 February 2011 was RM2.56, compared with NAV per share of RM2.1 as at 31 May 2010

- In the third quarter ended 28 February 2011, the Company's NAV increased by 22% from 31 May 2010

- In the third quarter ended 28 February 2011, the Company recorded a profit after tax of RM5.089 million compared with RM1.225 million in the preceding quarter. The difference between the two quarter's performance is due mainly to higher dividend income in the current quarter. For the current quarter, the revenue and operating expenses were RM6.936 million and RM1.394 million respectively, compared with RM2.823 million and RM1.229 million for the preceding quarter

- The NAV per share increased by 4% in the third quarter ended 28 February 2011 to RM2.56, compared with the preceding quarter of RM2.47
- The NAV per share increased by 6% in the second quarter ended 30 November 2010 to RM2.47, compared with the preceding quarter of RM2.32
- The NAV per share increased by 10% in the first quarter ended 31 August 2010 to RM2.32, compared with the preceding quarter of RM2.1

Revenue increased 3% but lower than preceding year corresponding quarter 29.3%, eps decreased 224.5%(exclude RM37.74 million written down) and also lower than preceding year corresponding quarter 608.3%, no cash generated from operating but still got cash generated from right issue left, stronger liquidity ratio at low level now, lower gearing ratio at above moderate level now, all accounting periods are good, high latex price, USD dollar against Ringgit still weak

First Support Price

0.18

Second Support Price

0.13

Risk Rating

HIGH

Accounting Ratio

Return on Equity

-36.66%

Dividend Yield

-

Profit Margin

-126.19%

Tax Rate

-

Asset Turnover

0.7033

Net Asset Value Per Share

0.17

Net Tangible Asset per share

0.17

Price/Net Tangible Asset Per Share

1.62

Cash Per Share

0.11

Liquidity Current Ratio

1.6256

Liquidity Quick Ratio

1.1564

Liquidity Cash Ratio

0.816

Gearing Debt to Equity Ratio

0.9222

Gearing Debt to Asset Ratio

0.4797

Working capital per thousand Ringgit sale

35.7%

Days to sell the inventory

76

Days to collect the receivables

70

Days to pay the payables

38

My notes based on 2011 quarter 4 report (number in '000):-
- The drop in revenue was mainly due to the modification of production lines in Factory 2 since the middle of 3rd quarter. The modification will give a higher level of flexibility to the production lines to switch among the production of powder, powder free natural rubber gloves and nitrile gloves

- The significant loss before taxation was mainly due to the written down of its goodwill of RM33.73 million. The Group feels it is prudent to write down the goodwill in the year under review as this does not have any negative impact on the cash flow or operation of the Group

- The high latex price and weakening US dollar have also affected the performance of the Group. Moreover, the stocks write-down of RM2.39 million and quality claims of RM1.62 million had an additional negative impact on the Group performance. However, these factors were deemed to be one-ff items

- No estimate next 4Q eps after 2011 Q4 result announced due to loss, if use eps from FY2010Q3 to FY2011Q2 = 0.0066, estimate PE on current price 0.18 = 27.27
- No estimate next 4Q eps after 2011 Q3 result announced due to exclude other income will be a loss, if use eps from FY2010Q2 to FY2011Q1 = 0.0079, estimate highest/lowest PE = 32.28/2
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0021*2*1.05 = 0.0044(exclude gain from sale of land), estimate highest/lowest PE = 118.18/51.14
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0079(remain recent last 4Q cumulative eps), estimate highest/lowest PE = 102.53/48.73
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0022*4 = 0.0088, estimate highest/lowest PE = 128.41/67.61

Revenue decreased 3.4% but higher than preceding year corresponding quarter 15.5%, eps increased 0.7% but lower than preceding year corresponding quarter 20.8%, cash generated from operating not enough to cover Sukuk hence increased loan (if exclude Sukuk then is more than enough to cover all expenses), stronger liquidity ratio but still at low level now, lower gearing ratio but still at very high level now, all accounting periods are good, automotive division profit decreasing, power and engineering projects increased loss

First Support Price

0.755

Second Support Price

0.7

Risk Rating

HIGH

Accounting Ratio

Return on Equity

7.72%

Dividend Yield

-

Profit Margin

2.18%

Tax Rate

-

Asset Turnover

1.292

Net Asset Value Per Share

2.02

Net Tangible Asset per share

1.97

Price/Net Tangible Asset Per Share

0.37

Cash Per Share

0.95

Liquidity Current Ratio

1.149

Liquidity Quick Ratio

0.9613

Liquidity Cash Ratio

0.3014

Gearing Debt to Equity Ratio

2.3737

Gearing Debt to Asset Ratio

0.6233

Working capital per thousand Ringgit sale

4.7%

Days to sell the inventory

23

Days to collect the receivables

72

Days to pay the payables

62

My notes based on 2011 quarter 4 report (number in '000):-
- Improvement in revenue mainly due from Automotive Division, with 25% revenue increase supported by 14% revenue improvement for both ACM Thailand and ACM Indonesia

- Lower profit before tax recorded for the current quarter is mainly due to the drop in revenue in comparison to the immediate preceeding quarter

Not interested unless USD currency strengthen more and latex price decrease more

Comment

Revenue increased 16.7% and is highest since FY09Q2(higher than preceding year corresponding quarter 38.6%), eps decreased 66.6% and also lower than preceding year corresponding quarter 57.9%, no cash generated from operating and cash generated from financing also not enough to cover all expenses, weakeaning liquidity ratio at low level now, higher gearing ratio at above moderate level now, working capital largely decreased, all accounting periods are good, USD currency rebound since historical low but still low, latex price slowly decrease but still at a high level now

First Support Price

2.1

Second Support Price

1.9

Risk Rating

HIGH

Research House

RHB Target Price

2.21 (2010-12-23)

CIMB Target Price

3.14 (2010-12-29)

OSK Target Price

3.04 (2011-04-01)

Accounting Ratio

Return on Equity

14.13%

Dividend Yield

3.30%

Profit Margin

3.24%

Tax Rate

-

Asset Turnover

0.86

Net Asset Value Per Share

1.42

Net Tangible Asset per share

1.4

Price/Net Tangible Asset Per Share

1.71

Cash Per Share

0.19

Liquidity Current Ratio

1.0132

Liquidity Quick Ratio

0.5896

Liquidity Cash Ratio

0.1698

Gearing Debt to Equity Ratio

0.9574

Gearing Debt to Asset Ratio

0.4881

Working capital per thousand Ringgit sale

0.6%

Days to sell the inventory

81

Days to collect the receivables

73

Days to pay the payables

53

My notes based on 2011 quarter 1 report (number in '000):-
- Revenue for the quarter at RM106 million is a 39% improvement over corresponding quarter last financial year as a result of encouraging results from sales in growth markets and consistent revenue from mature markets. Operating profit dipped 66% due to historical high material cost and the price adjustment lag based on previous month/previous quarter cost index

- The quarter’s revenue increased 17% and earnings fell 19% over preceding quarter. The weakening dollar reduced Ringgit income by 1.5% in the comparison quarter. Latex in Q4 2010 was averaged at RM7.22 / kg and in this quarter Q1 2011, the average is RM 9.28 / kg an increase of 28.5 %. Until we see latex price topping out or remaining stable, we expect to lag in earnings

Revenue decreased 50% and also lower than preceding year corresponding quarter 33.5%, eps decreased 16.9% but higher than preceding year corresponding quarter 130%, cash generated from operating is more than enough to cover expenses, stronger liquidity ratio at very strong level now, lower gearing ratio at very low level now, inventory turnover period very long time but offset by higher working capital

First Support Price

0.18

Second Support Price

0.17

Risk Rating

MODERATE

Accounting Ratio

Return on Equity

8.34%

Dividend Yield

8.11%

Profit Margin

51.26%

Tax Rate

-

Asset Turnover

0.2624

Net Asset Value Per Share

0.25

Net Tangible Asset per share

0.25

Price/Net Tangible Asset Per Share

0.76

Cash Per Share

0.08

Liquidity Current Ratio

9.7383

Liquidity Quick Ratio

8.2089

Liquidity Cash Ratio

5.0886

Gearing Debt to Equity Ratio

0.0624

Gearing Debt to Asset Ratio

0.0573

Working capital per thousand Ringgit sale

190.7%

Days to sell the inventory

333

Days to collect the receivables

145

Days to pay the payables

112

My notes based on 2011 quarter 4 report (number in '000):-
- The decrease in revenue was due to the lower sale of completed properties and the sale of properties with lower average selling prices in this financial year compared to previous year. The Group sold more shophouses, bungalow land and semi-detached houses in previous year, whereas in the current year, the types of units sold comprised mainly low and medium cost houses which contributed lower revenue. The higher profit was however attributed to better management of the development cost

- The decreased in the profit before tax is mainly due to decrease in profit from property development activities and increase in administrative expenses for the quarter

- In current quarter, the profit for property development activities was derived mainly from 5 phases of ongoing project of Taman Lagenda while for the preceding quarter there were 7 phases. Furthermore, there were increased provisions for annual administrative expenses for last quarter of financial year ended 31 January 2011. Therefore, the profit in current quarter appeared lower than the immediate preceding quarter

Revenue decreased 7.3% and also lower than preceding year corresponding quarter 77.8%, eps decreased 166.7% and is third consecutive quarter decreasing and also lower than preceding year corresponding quarter 260%, no cash generated from operating and cash generated from financing activity also finish spent on investing activities, weakeaning liquidity but still at high level now, higher gearing ratio but still at low level now, receivables turnover period getting longer but working capital no increase, IT division back to contribution again

First Support Price

0.06

Second Support Price

0.055

Risk Rating

HIGH

Accounting Ratio

Return on Equity

0.64%

Dividend Yield

-

Profit Margin

-1.95%

Tax Rate

-

Asset Turnover

0.1363

Net Asset Value Per Share

0.15

Net Tangible Asset per share

0.11

Price/Net Tangible Asset Per Share

0.55

Cash Per Share

0.0

Liquidity Current Ratio

3.4741

Liquidity Quick Ratio

3.4065

Liquidity Cash Ratio

0.7157

Gearing Debt to Equity Ratio

0.105

Gearing Debt to Asset Ratio

0.0892

Working capital per thousand Ringgit sale

57.2%

Days to sell the inventory

7

Days to collect the receivables

227

Days to pay the payables

87

My notes based on 2011 quarter 4 report (number in '000):-
- The ABT Group achieved a total comprehensive income for the year of approximately RM0.99 million on the back of a consolidated revenue of RM6.26 million due mainly to the dividend received from its incubatees. As the Group is involved in incubation activities especially on high technology areas, it hold investments particularly in start-ups. In view thereof, its performance is subjected to various volatilities

- Revenue for the period was mainly derived from IT services revenue of eCompazz, our new incubate whilst the slight loss incurred is due to relocation expenditure for the Group's new incubation centre in Pandamaran

Revenue increased 9.5% but lower than preceding year corresponding quarter 56.1%, eps increased 3.6% but lower than preceding year corresponding quarter 64.7%, cash generated from operating is not enough to cover dividend, weaker liquidity ratio but still at high level now, higher gearing ratio but still at low level now, all accounting periods are good, except manufacture division, all division higher revenue

First Support Price

2.07

Second Support Price

1.8

Risk Rating

HIGH

Research House

OSK Target Price

1.93 (2011-03-24)

RHB Target Price

1.35 (2011-03-24)

Accounting Ratio

Return on Equity

16.46%

Dividend Yield

7.57%

Profit Margin

15.66%

Tax Rate

25.80%

Asset Turnover

1.015

Net Asset Value Per Share

0.99

Net Tangible Asset per share

0.99

Price/Net Tangible Asset Per Share

2.29

Cash Per Share

0.4

Liquidity Current Ratio

3.3676

Liquidity Quick Ratio

2.3458

Liquidity Cash Ratio

1.8158

Gearing Debt to Equity Ratio

0.2807

Gearing Debt to Asset Ratio

0.2125

Working capital per thousand Ringgit sale

39.4%

Days to sell the inventory

73

Days to collect the receivables

32

Days to pay the payables

49

My notes based on 2011 quarter 3 report (number in '000):-
- The drop in revenue and profit was mainly due to lower contribution by its principal subsidiary, the multi-level marketing(“MLM”) division

- However, the retail division had registered higher revenue, increase by about 37% and pre-tax profit increase by almost 85% due to strong festive sale during the Chinese Lunar New Year, as compared to last year, which fell in the fourth quarter of the last financial year. Whereas the higher external revenue generated from the wholesale division has been offset by the lower inter-segment sales from the MLM division, which had resulted in lower pre-tax profit

- Higher revenue mainly due to higher contribution from the retail division and the recovery of MLM division‟s sales. The MLM division has been stepping up its efforts in product training programs and promotional activities which has helped the division to pull up its sales

- Nevertheless, due to the higher personnel and operating costs during the festive season incurred in the third quarter, the pre-tax profit did not improve much as compared with the immediate preceding quarter despite higher revenue achieved

Revenue increased 4.6% and is highest since FY08Q3(higher than preceding year corresponding quarter 40.9%), eps decreased 12.1% but higher than preceding year corresponding quarter 38.7%, cash generated from operating not enough to cover investing expenses hence generated cash from financing activities, stronger liquidity ratio but still at weak level now, higher gearing ratio at high level now, payables turnover period still long time

First Support Price

2.6

Second Support Price

2.45

Risk Rating

MODERATE

Research House

Maybank Target Price

3.1 (2011-01-06)

Affin Target Price

3.21 (2011-01-27)

TA Target Price

3.7 (2011-03-18)

CIMB Target Price

3.4 (2011-03-30)

RHB Target Price

3.5 (2011-03-30)

AMMB Target Price

3.4 (2011-04-27)

MIDF Target Price

3.16 (2011-05-16)

OSK Target Price

3.17 (2011-05-16)

Accounting Ratio

Return on Equity

21.83%

Dividend Yield

0.18%

Profit Margin

17.59%

Tax Rate

18.36%

Asset Turnover

0.6992

Net Asset Value Per Share

0.47

Net Tangible Asset per share

0.45

Price/Net Tangible Asset Per Share

5.64

Cash Per Share

0.17

Liquidity Current Ratio

0.9174

Liquidity Quick Ratio

0.8823

Liquidity Cash Ratio

0.4372

Gearing Debt to Equity Ratio

1.0734

Gearing Debt to Asset Ratio

0.5172

Working capital per thousand Ringgit sale

-4.8%

Days to sell the inventory

9

Days to collect the receivables

93

Days to pay the payables

171

My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue and pbt mainly due to progress achieved for contracts in hand and better management of relevant costs as well as contribution from drilling services

- The decrease in profit before tax for the current quarter was mainly due to higher contract costs

Revenue decreased 6.7% and also lower than preceding year corresponding quarter 0.4%, eps increased 29.2% and also higher than preceding year corresponding quarter 6.2%, cash generated from operating still more than enough to cover financing activities but not enough for investing activities, weaker liquidity ratio at low level now, lower gearing ratio but still at very high level now, all accounting periods are good, better profit margin, issue new warrants

First Support Price

2.15

Second Support Price

2.0

Risk Rating

MODERATE

Research House

RHB Target Price

2.57 (2011-03-21)

HwangDBS Target Price

2.75 (2011-03-29)

Credit Suisse Target Price

1.82 (2011-03-30)

HLG Target Price

2.7 (2011-04-05)

AMMB Target Price

2.42 (2011-05-13)

ECM Target Price

2.36 (2011-05-27)

MIDF Target Price

2.8 (2011-05-27)

Accounting Ratio

Return on Equity

16.66%

Dividend Yield

4.32%

Profit Margin

11.99%

Tax Rate

24.07%

Asset Turnover

0.4034

Net Asset Value Per Share

1.04

Net Tangible Asset per share

0.23

Price/Net Tangible Asset Per Share

9.65

Cash Per Share

0.93

Liquidity Current Ratio

1.1506

Liquidity Quick Ratio

1.0608

Liquidity Cash Ratio

0.8193

Gearing Debt to Equity Ratio

3.3061

Gearing Debt to Asset Ratio

0.7689

Working capital per thousand Ringgit sale

9.5%

Days to sell the inventory

24

Days to collect the receivables

51

Days to pay the payables

77

My notes based on 2011 quarter 2 report (number in '000):-
- The increase in Group pbt were principally attributable to better performance recorded by the foreign subsidiaries

Revenue decreased 39.9% but still higher than preceding year corresponding quarter 25.9%, eps increased 32.3% and is fourth consecutive quarter increasing and also higher than preceding year corresponding quarter 77.3%, cash generated from operating is more than enough to cover financing activities but not enough for investing activities, weaker liquidity ratio at low level now, better gearing ratio but still at very high level now, better receivables and payables turnover period but still long time

First Support Price

3.6

Second Support Price

3.4

Risk Rating

MODERATE

Research House

ECM Target Price

4.2 (2011-01-17)

CIMB Target Price

5.12 (2011-03-29)

Kenanga Target Price

4.28 (2011-03-29)

Maybank Target Price

4.2 (2011-03-29)

MIDF Target Price

4 (2011-03-29)

OSK Target Price

4.61 (2011-04-26)

RHB Target Price

4.61 (2011-04-28)

AMMB Target Price

4.75 (2011-05-19)

Accounting Ratio

Return on Equity

15.98%

Dividend Yield

2.20%

Profit Margin

18.45%

Tax Rate

13.41%

Asset Turnover

0.8654

Net Asset Value Per Share

0.87

Net Tangible Asset per share

0.75

Price/Net Tangible Asset Per Share

4.73

Cash Per Share

0.6

Liquidity Current Ratio

1.2457

Liquidity Quick Ratio

1.2159

Liquidity Cash Ratio

0.4224

Gearing Debt to Equity Ratio

2.0194

Gearing Debt to Asset Ratio

0.6075

Working capital per thousand Ringgit sale

14.0%

Days to sell the inventory

7

Days to collect the receivables

165

Days to pay the payables

194

My notes based on 2011 quarter 4 report (number in '000):-
- The Group registered a decrease in revenue from RM1.015 billion in the preceding third quarter to RM610.0 million in the current quarter mainly due to lower activities in the Installation of Pipeline and Facilities (“IPF”) and drilling divisions

- However, profit before tax increased from RM100.1 million in the previous quarter to RM112.5 million in the current quarter mainly due to improved performance in the operations and maintenance and marine services divisions

- Group revenue for the current quarter increased by 26% to RM610.0 million compared to last year's corresponding fourth quarter of RM484.5 million mainly due to higher activities in the IPF and operations and maintenance divisions

- Correspondingly, profit before tax increased by 55% from RM72.5 million to RM112.5 million principally due to higher contribution from the IPF division and improved performance in the marine services division

My notes based on 2011 quarter 1 report (number in '000):-
- The current period profit after taxation was arrived at after expensing approximately RM6 million for employee share options granted pursuant to the Company’s ESOS which was launched in May 2009. Selling and marketing expenses include the cost of financial incentives of RM16 million borne by the Group pursuant to its successful 5/95, Best for the Best and Invest Setiahomes campaigns

- The Group’s profit and revenue were principally derived from its property development activities carried out in the Klang Valley, Johor Bahru and Penang. Ongoing projects which contributed to the Group’s profit and revenue include Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru, Setia Pearl Island and Setia Vista in Penang. Apart from property development, the Group’s construction and wood-based manufacturing activities also contributed to the earnings achieved

Revenue decreased 7.4% but higher than preceding year corresponding quarter 1.1%, eps decreased 59.3% and is second consecutive quarter decreasing and also lower than preceding year corresponding quarter 33.1%, cash generated from operating after deduct all expenses still got around 7% extra, better liquidity ratio at low level now, better gearing ratio at high level now, higher receivables but offset by more working capital, better payables period, global division reported weaker result

First Support Price

3.6

Second Support Price

3.4

Risk Rating

MODERATE

Research House

JF Apex Target Price

3.76 (2010-11-30)

Citi Target Price

3.22 (2011-01-24)

Nomura Target Price

4.1 (2011-01-25)

HwangDBS Target Price

3.35 (2011-02-28)

Kenanga Target Price

4 (2011-02-28)

RHB Target Price

3.84 (2011-02-28)

TA Target Price

4.23 (2011-02-28)

Maybank Target Price

4.4 (2011-03-14)

AMMB Target Price

4 (2011-04-04)

OSK Target Price

3.78 (2011-05-23)

CIMB Target Price

5.1 (2011-05-24)

ECM Target Price

3.7 (2011-05-26)

HLG Target Price

4.2 (2011-05-26)

MIDF Target Price

4.05 (2011-05-26)

Accounting Ratio

Return on Equity

14.53%

Dividend Yield

6.73%

Profit Margin

10.58%

Tax Rate

23.14%

Asset Turnover

0.4222

Net Asset Value Per Share

2.21

Net Tangible Asset per share

2.12

Price/Net Tangible Asset Per Share

1.84

Cash Per Share

1.24

Liquidity Current Ratio

1.8752

Liquidity Quick Ratio

1.824

Liquidity Cash Ratio

1.1257

Gearing Debt to Equity Ratio

1.6188

Gearing Debt to Asset Ratio

0.6133

Working capital per thousand Ringgit sale

39.1%

Days to sell the inventory

12

Days to collect the receivables

110

Days to pay the payables

233

My notes based on 2011 quarter 1 report (number in '000):-
- Higher revenue as compared to FY09Q4 mainly attributed from data, Internet and multimedia services, which mitigated the impact of lower revenue from voice and other telecommunications related services

- Data revenue increased by 6.8% as compared to the corresponding quarter 2010 arising from demand for higher bandwidth services

- Internet and multimedia services registered higher revenue by 12.7% in the current quarter arising from increased in broadband customers in the current quarter from the corresponding quarter 2010

- Operating profit before finance cost of RM231.6 million decreased by 13.5% from RM267.6 million recorded in the same quarter last year primarily attributed to higher depreciation and amortisation, lower other operating income and other gains

- Group profit after tax and non-controlling interests (PATAMI) decreased by 32.8% to RM163.3 million as compared to RM242.9 million in the corresponding quarter in 2010. This was mainly attributed to higher operating costs and lower unrealised exchange gains on translation of foreign currency borrowings

- Lower revenue as compared to FY10Q3 primarily due to lower revenue from data services, other telecommunications related services and non-telecommunications related services net of increase in Internet and multimedia services

- Operating profit before finance cost decreased by 43.3% to RM231.6 million as compared to RM408.3 million recorded in the preceding quarter mainly due to lower other gains on disposal of investments. The effect of lower operating revenue was offset by lower operating costs

- Group profit after tax and non-controlling interests (PATAMI) decreased from RM400.7 million recorded in the preceding quarter to RM163.3 million in the current quarter mainly due to lower other gains and higher taxation expense as the preceding quarter included RM57.2 million deferred tax income in respect of prior year. Higher unrealised foreign exchange gain on translation of foreign currency borrowings in the current quarter partially offset the reduction between the two periods

Revenue decreased 17.7% but higher than preceding year corresponding quarter 33.8%, eps decreased 19.6% but higher than preceding year corresponding quarter 29.7%, cash generated from operating is more than enough to cover all expenses, stronger liquidity ratio at low level now, moderate gearing ratio, receivables and payables periods are high